HERBAL MEDICINAL PRODUCTS MARKET ANALYSIS

Herbal Medicinal Products MarketSize and Trends

Global herbal medicinal product market size was valued at US$ 197.77 Bn in 2023 and is expected to reach US$ 344.89 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.

Global Herbal Medicinal Product Market Trends:

• Rising popularity of ayurvedic and traditional Chinese medicines: The popularity of traditional healing practices like Ayurveda and traditional Chinese medicine has been on the rise globally in the early twentieth century, More people are looking to these ancient medical systems for their healthcare needs over conventional medications. This trend is having a significant impact on the herbal medicinal products market. For instance, On January 2023, according to World Health Organization (WHO), 88% of all countries are estimated to use traditional medicine, such as herbal medicines, acupuncture, yoga, indigenous therapies and others. Over 40% of pharmaceutical formulations are based on natural products and landmark drugs, including aspirin and artemisinin, which originated from traditional medicine.
• Advancements in herbal medicine manufacturing technologies: Advancements in herbal medicine manufacturing technologies are significantly influencing the global herbal medicinal product market. The emergence of new technologies is allowing manufacturers to develop herbal medicines in more precise, effective, and environment-friendly ways. For instance, in November 2022, according to an article published by Improved Activity of Herbal Medicines through Nanotechnology, nanotechnology is being used to encapsulate active herbal compounds and deliver them efficiently in the body. Microencapsulation technique helps protect unstable compounds from harsh environment. This ensures the compounds to retain their therapeutic properties for a longer duration. Another major technology is supercritical fluid extraction which uses supercritical carbon dioxide to extract compounds without using organic solvents. This makes extraction greener and yields higher quality compounds.